Apple yesterday posted Q1 results and they were indeed above the expectations. Tim Cook, COO, who has taken over the company while Steve Jobs is on medical leave, made a conference call assuring that Apple remains strong despite the current global crisis. He focused on the good management of Apple which allowed the company to sustain gains and not to lose profits.
The iPhone-maker reported a profit of US$1.61bn, which translates in US$1.78 a share, which in turn beats analysts consensus of $1.39 a share. That's an improvement comparing the same period of 2007, when profit was $1.58 billion, or $1.76 per share. Revenue rose to $10.2 billion.
In the after-hours shares rose more than 9% and they might rise on today's session.
The three main products from the Cupertino-based manufacturer and developer are the iPhone, iPod, and the Macintosh computer.
Apple sold 13.7 million iPhones since its launch. Analysts remain focused on it as a primary driver of Apple's growth, if the company and its telecommunications partners can strike the right balance of phone price and service fees and compete with big ones, Nokia, Sony Ericsson, etc.
Apple said that it expects to earn 0,90$ to $1 per share on sales of $7.6 billion to $8 billion for the quarter ending in March. Analysts had been looking for Apple to earn $1.13 per share on $8.2 billion in revenue.
Press release:
Apple Reports First Quarter Results
Best Quarterly Revenue and Earnings in Apple History
iPod Sales Set New RecordCUPERTINO, California—January 21, 2009—Apple® today announced financial results for its fiscal 2009 first quarter ended December 27, 2008. The Company posted record revenue of $10.17 billion and record net quarterly profit of $1.61 billion, or $1.78 per diluted share. These results compare to revenue of $9.6 billion and net quarterly profit of $1.58 billion, or $1.76 per diluted share, in the year-ago quarter. Gross margin was 34.7 percent, equal to the year-ago quarter. International sales accounted for 46 percent of the quarter’s revenue.
In accordance with the subscription accounting treatment required by GAAP, the Company recognizes revenue and cost of goods sold for iPhone™ and Apple TV® over their economic lives. Adjusting GAAP sales and product costs to eliminate the impact of subscription accounting, the corresponding non-GAAP measures* for the quarter are $11.8 billion of “Adjusted Sales” and $2.3 billion of “Adjusted Net Income.”
Apple sold 2,524,000 Macintosh® computers during the quarter, representing nine percent unit growth over the year-ago quarter. The Company sold a record 22,727,000 iPods during the quarter, representing three percent unit growth over the year-ago quarter. Quarterly iPhone units sold were 4,363,000, representing 88 percent unit growth over the year-ago quarter.
“Even in these economically challenging times, we are incredibly pleased to report our best quarterly revenue and earnings in Apple history—surpassing $10 billion in quarterly revenue for the first time ever,” said Steve Jobs, Apple’s CEO.
“Our outstanding results generated over $3.6 billion in cash during the quarter,” said Peter Oppenheimer, Apple’s CFO. “Looking ahead to the second fiscal quarter of 2009, we expect revenue in the range of about $7.6 billion to $8 billion and we expect diluted earnings per share in the range of about $.90 to $1.00.”
Detailed statement at Apple.
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